It is evident there are plenty of different opinions on Bitcoin out there. While everyone is free to do as he or she pleased, calling thing a scam is borderline slander. Jamie Dixon recently uttered those words and was promptly verbally annihilated by the cryptocurrency community. Jordan Belfort now backs Dixon ‘s statement. Quite an interesting train of thought, although Bitcoin is not a fraud by any means.
There is one golden rule in the world of finance. The more people tell you how something is worthless, the more you should buy. In the world of Bitcoin, such comments are pretty common. It has been called a fraud, a Ponzi Scheme, and even a tulip mania clone. None of those statements are even remotely accurate, though. Everyone who utters such statements is either shortsighted or hopes to buy Bitcoin at a lower price. There is no other reason for uttering such statements.
Jordan Belfort is a Bitcoin Ignoramus
No one was surprised when JP Morgan CEO Jamie Dixon called Bitcoin a fraud. Cryptocurrency will eventually make [central] banks obsolete. People who do not get on board will miss out, that much is certain. Bank CEOs are among the first people to miss out if they do not buy soon. Interestingly enough, Jamie Dixon has at least one person supporting him. Quite surprising, considering some of his own staffers feel he is ignorant when it comes to cryptocurrency.
None other than Jordan Belfort feels Bitcoin is not a great model. That is no big surprise either. A man who committed stock fraud and money laundering in the past will see no merit in Bitcoin. It cannot be traded like a stock and laundering money with BTC can easily be traced. Cryptocurrencies are here to stay, regardless of what these misguided individuals may want to believe. A fair and global currency not being the “great model” shows how little some people understand about Bitcoin.
Belfort continues his statement by stating how cryptocurrencies need to be backed by central governments. Fiat currency is currently backed by governments and is worth less than the paper these notes are printed on. If that is the course of action Belfort wants Bitcoin to take, he will be in for a very rough ride. Central banks issuing digital currencies is a potential outcome. However, those currencies are not cryptocurrencies. Comparing them with Bitcoin is like comparing apples and oranges. For someone who wrote a great book on Wall Street, Belfort will have some self-educating to do on the Bitcoin front.
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